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Crypto Rally: Meme Coins Surpassing Expectations
The recent crypto rally has resulted in significant gains for some investors, while others have faced substantial losses. What insights do traders offer?
PNUT: Leader Among Meme Coins
Over the past week, the price of PNUT has surged by 255%, propelling the token into the top 100 cryptocurrencies by market capitalization, exceeding $2 billion. Currently, the meme coin is trading at $1.64, with its all-time high (ATH) at $2.44.
Amid the rapid growth, stories have emerged within the crypto community of traders becoming millionaires due to PNUT.
Lookonchain analysts reported that an unidentified trader’s unrealized profit from PNUT investments reached over $50 million. On November 2, following a mention by Elon Musk, the trader bought PNUT and sold it for a $1,500 profit. Between November 3 and 10, he invested $2.8 million, accumulating 26.72 million PNUT, now valued at around $50 million.
crypto.news spoke to traders who shared their PNUT success stories. One trader, Mark, invested $100 after hearing about the euthanization of Peanut the squirrel in the U.S. Within a week, he earned over $3,500.
“I didn’t expect growth of even 10%. Stories of traders making 100x returns always seemed like fantasies. While some earn millions, others lose. I just wanted to support the squirrel, and it seems it reciprocated,” said Mark.
The Story of PEPE: Persistence Pays Off
Another trader, Drop Guru, shared his experience with PEPE tokens. He bought PEPE during a wave of excitement but saw his portfolio drop as popularity waned. However, he chose to hold his investment, believing in the potential of meme coins.
“I try not to succumb to FOMO and avoid impulsive actions. This time, my patience paid off. I sold PEPE with a 40% profit. It’s crucial to stop in time and secure profits,” said Drop Guru.
DOGE: More Than Just a Meme
DOGE, publicly supported by Elon Musk, has seen its price increase by over 280% in a month. However, not all stories are successful. Lookonchain shared the tale of a trader who earned approximately $920,000 on the SPX token, then lost $1.33 million after investing the proceeds in DOGE.
The token’s popularity is growing, partly due to news about the creation of the Department of Government Efficiency (DOGE) in the U.S. The crypto community predicts that DOGE will evolve beyond a meme coin and become a recognized blue chip asset. Bloomberg analyst Eric Balchunas suggested that Doge ETFs might soon appear in the U.S., although current SEC requirements pose challenges.
What’s Next for the Crypto Market?
Experts attribute the rise of meme coins to investor expectations regarding future regulatory policies in the crypto industry. Titan CEO Chris Chan noted that low market volatility preceded the U.S. presidential election, with traders adopting a wait-and-see approach.
The election results introduced additional uncertainty, increasing interest in risky assets, including meme coins. While the euphoria following Donald Trump’s election victory has subsided, the rally in individual tokens persists. The continuation of the green market will depend largely on the cryptocurrency policies adopted by the White House under new leadership.
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